Steemit Crypto Academy | S4Week7 - Homework on the Governance of the TRON Ecosystem

in hive-108451 •  7 months ago  (edited)

Thank you very much professor @yohan2on for your teaching on the governance of the TRON ecosystem, in this post I will answer the homework given to us at the end of your class.

Question 1: Who are Super Representatives, SR partners and SR candidates? (The Governance of the TRON Ecosystem)

Super Representative, Partners and Candidates

Polish_20211017_234240452.jpg
Image Source

In the TRON ecosystem, the holder of the TRX falls into different categories and one of them is the super representative. Before going into more details on Super representative, let look at the first category which is the token holder.

The token holders are the individuals that has TRX tokens on the Tron Blockchain.

For every 6 hours on the Tron community, votes are been carried out and 100 individuals are elected these 100 individuals are referred to as Super Representative Candidates. This voting is carried out by the entire TRX token holder in the community. And also any account in the TRON community can apply for the super representative candidate.

Among the 100, the top 27 candidates that were elected every 6 hours are referred to as the Super Representative these 27 candidates carry out key functions of governing by making sure that the function of block generation and bookkeeping are carried out and not only that they also obtain corresponding earnings in the TRON community, and they package transactions, get block and voting rewards.

The remaining super representative candidates between 28th to 127th position from the voting are refer to as Super Representative Partners which mean that we also have 100 Super representative Partners

One beautiful thing is that there is good rewards for the 127 candidates that were elected every 6hours, 115,200 TRX is been share among the candidates based on the vote recieved by each candidate which is use to determine the number of rewards that the candidate will receive. In a year the reward received by the 127 candidates is 168,192,000 TRX.

Every three seconds a block is been generated which is made up of 32 TRX. So let us calculate the rewards recieved by the Super representative which are the top 27 candidates in a year

1 year = 365 days
365 days × 24hours = 8,769 hours
8,769 hours × 60 minutes = 525,600 minutes
525,600 minutes × 60 seconds = 31,536,000 seconds

Then

For every 3 seconds = 32 TRX
31,536,000 seconds = X

X = (31,536,000 seconds × 32 TRX) / 3 seconds

X = 336,384,000 TRX

So 1 year 336,384,000 TRX is been generated and share as a reward among the 27 super representatives.

Question 2: What’s the difference between DPOS and POS consensus mechanisms?

Difference between DPOS and POS consensus mechanisms

Proof of Stake (PoS) and Delegated Proof of Stake (DPoS) consensus mechanisms help to make the blockchain carry out it consensus more efficiently and also in a more democratic way and the following are some of the differences that exists between the two mechanisms.

Proof of stake mechanismDelegated Proof of stake mechanism
Eliminate intensive computational mining and support collateral staking to ensure security.Support voting and delegation mechanisms.
Not democratic.Democratic.
In the POS mechanism, stakers are the validators.In DPoS, the validation of the blocks is been outsource by the stakeholders to the number of delegates.
Validators compete with each other in PoS.Validators work together to generate blocks and validate them.
Examples of blockchain that use the PoS consensus mechanism are QTUM, Decred and others.Examples of blockchain that use the DPoS consensus mechanism are Aelf, EOS, TRON and others.

Question 3: Write a Step by Step tutorial showcasing how to stake/freeze TRX and vote for SRs

How to Stake/Freeze TRX

I am going to make use of Tronlink in this tutorial on how to stake/freeze TRX.

Step 1: the first thing to do is to download the Tronlink wallet app if you do not have one and send some TRX tokens to your wallet. You can see my Tronlink wallet below

Polish_20211017_202925510.jpg

In the screenshot about you can see my TRX Balance of 77.449315, also take note that my energy is 0 and bandwidth is 1,123.

Zero Energy mean that if I want to carry out a transaction e.g sending my TRX to another person, TRX will be withdrawn for my transaction fee but if I have enough energy, my energy will be consumed and I will not pay for transaction fees with TRX likewise for bandwidth which help to pay the internal transaction fee. If my bandwidth is zero then I will use TRX token to pay my internal transactions

Step 2: I will start by Freezing some of my TRX so that I can have voting point. Note that after freezing it takes 72 hours to unfreeze your token and 1 TRX is equivalent to 1 Vote point. Also take note that when you are freezing your token you are also generating energy or bandwidth simultaneously.

Polish_20211017_203114209.jpg

Click on Freeze

Polish_20211017_203231007.jpg

Polish_20211017_203318007.jpg

From the screenshot above we can see that my energy is zero, bandwidth is 1,123, and there is also an opportunity to get more energy or bandwidth when freezing/staking.

For this tutorial, I will freeze to get more energy and voting point.

Polish_20211017_203541172.jpg

Step 3: Enter the amount; for example I typed in 25, and it give me 661 Energy and 25 votes. So click on Freeze

Polish_20211017_210419208.jpg

Step 4: Next thing is that it will display the amount of TRX you want to freeze, and the bandwidth that will be consumed as a result of the internal transaction for example in this transaction of freeze of 25 TRX, 247 bandwidth will be consumed from our 1,123 bandwidth to carry out this transaction. Click confirm

Polish_20211017_204659655.jpg

Step 5: You will be require to input your password. So type in your password. Click on Done

Polish_20211017_204842358.jpg

It will show transactions submitted

Polish_20211017_205106133.jpg

Step 6: Now my voting right is 25, energy is 660 and my bandwidth had reduced to 877 because of the 247 that was subtracted from 1,123 which was consumed to freeze 25TRX to get the 25 voting right.

How to vote for Super Representatives

Polish_20211017_213826338.jpg

Now to vote for Super Representatives, let go back to my wallet

Polish_20211017_213929635.jpg

Step 1: Click on Vote

Polish_20211017_214050932.jpg

Now we can see the available TRX of 52.449315, the available vote of 25. I have 0 unclaimed reward and because I have not vote, my vote is showing zero

From the list above, the number one super representative is Binancestaking with 5.08% estimated yield, number 2 is JD Investment with 6.5% estimated yield, number 3 is Poloniex with 6.68% estimated yield, number 4 is http://foo.bar with 5.4% estimated yield.

Polish_20211017_214329304.jpg

Polish_20211017_214535487.jpg

The list of the super representatives continue and number 100 as of the time of taking this screenshot is TRON-BOOM with 5.32% estimated yield and number 127 is ZADEA-MadeInItaly with 5.01% estimated yield.

You can vote base on the super representative percentage yield or the SPs you believe in. Let vote now.

Polish_20211017_220552001.jpg

Step 2: I will like to vote on Ant Investment Group because it has a 6.79% estimated yield and BitGuild with a 6.91% estimated yield. So click on It Ant Investment Group first

Polish_20211017_220727364.jpg

Step 3: You can click on View voting considerations to view more information about the super representatives voting then click on Vote

Polish_20211017_220908653.jpg

Step 4: type in your Vote amount, for example I type in 20. You can type in any voting point of your choice depending on the amount of voting rights that you have. It will display information such as the amount of the bandwidth that will be consumed for example to vote 20 voting point it will consume 350 bandwidth and the estimated yield is 6.79% for 1 year. Click on Confirm

Polish_20211017_221016091.jpg

Step 5: It will require you to type in your password then type in the password and click Done

Polish_20211017_221051146.jpg

It will display Transaction submitted

Now let vote on BitGuild super representatives

We follow the same steps.

Polish_20211017_213929635.jpg

Step 1: Click on Vote

Polish_20211017_220552001.jpg

Step 2: click on BitGuild

Polish_20211017_221218504.jpg

Step 3: you can click on View voting considerations to view more information about the super representatives voting then click on Vote

Polish_20211017_221410200.jpg

Step 4: type in your Vote amount: this time around I typed in 5, the bandwidth that will be consumed is 350 bandwidth and the estimated yield is 6.91% for 1 year. Click on Confirm

Polish_20211017_221503097.jpg

Step 5: It will also require you to type in a password then type in the password and click Done

Polish_20211017_221544009.jpg

It will display Transaction submitted

Polish_20211017_221743373.jpg

Step 6: Now let view our vote page now

It showing 25 voted and we are left with zero Available votes because we have used all our vote rights. For now, there is no unclaimed reward but with time it will drop and all we need to do is to click on it.

Conclusion

In conclusion, both the proof of stake and Delegated Proof of Stake mechanisms have been very useful in the blockchain network and it is more important that within blockchain network there is an agreement between the nodes, so the adoption of DPoS by TRON have open up different opportunities and freeze with voting of super representatives on TRON ecosystem have helped the TRX holder to make more money on TRON ecosystem.

@yohan2on

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Hi @dprogress

Thanks for participating in the Steemit Crypto Academy
Feedback

Rating criteriaScores
Quality of presentation1/2
Originality2/2
Compliance with topic1/1
Clarity of language1/2
Quality of analysis1/2
#Club50500/1
Grand total7

Total| 7/10

This is good content though you need to improve on the clarity of the language used in explaining your work. You had quite a number of grammatical errors. Always use Grammarly to rectify such errors.

For statistical information always attach a reference to it for purposes of re-cross checking to see whether what you are sharing is the real truth.

Otherwise thanks for your effort.

Thank you Professor @yohan2on I have include #club5050 in my tag and I will improve on my post next time base on some of the correction you pointed out.

Why have you included the #club5050 tag when you have not made a power-up, and have only cashed out?

4 days ago Transfer 197.816 STEEM to deepcrypto8

cc @yohan2on

Thanks so much for notifying me about this user.

@dprogress
Do not use the #club5050 on your articles if you have not powered up at least half of your previous total weekly steem rewards.

@yohan2on, I think I misunderstood the #club5050, I was thinking that when I use the #club5050 I am showing my interest to power up half of my earning on that post. I do not know that it is when I have power up that is when I will now use it. I have remove it.

Sorry for that.

Sorry @steemcurator01 I thought that when I use it I am showing my interest to power up half of liquid earning on the post. I have remove it